Argentina - India Trade 2023 Q2: Surplus Amid Declines
Key Market Takeaways: Argentina - India Trade
The bilateral trade relationship between Argentina and India shows structural declines in exports but maintains a surplus in Q2 2023.
- Economic Pulse: Argentina holds a $525.86M trade surplus with India ($981.45M exports vs. $455.59M imports), but exports fell sharply YoY (-38.99% to -49.18%).
- Exchange Structure: Argentina - India trade statistics reveal a resource-for-tech complementarity—Argentina supplies bulk fats/oils (85.64% of exports), while India delivers refined fuels (26.09% of imports) and machinery.
- Strategic Interdependence: The partnership remains lopsided, with Argentina dependent on India for energy inputs and India sourcing raw materials for industrial processing.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Argentina-India Trade Trend in Q2 2023
Argentina Export Performance: Shipments to India
- Total Volume: $981.45M in Q2 2023.
- Growth Trend & Context: YoY declines persisted across all months (-38.99% in Apr, -47.68% in May, -49.18% in Jun), signaling a structural downturn. No trade policy shifts were reported to explain this.
- Key Volatility: May saw the highest export value ($370.39M), but MoM growth turned negative in June (-13.67%).
Argentina Import Performance: Sourcing from India
- Total Volume: $455.59M in Q2 2023.
- Growth Trend & Context: Mixed YoY performance (-5.0% in Apr, +41.43% in May, -53.77% in Jun), reflecting erratic demand. No news context provided.
- Key Volatility: April recorded the highest MoM surge (+81.82%), while June saw a sharp contraction (-30.68% MoM).
Argentina - India Trade Balance & Market Dynamics
- Net Position: Argentina holds a trade surplus of $525.86M (Exports $981.45M vs. Imports $455.59M).
- Relationship Status: Argentina remains a net exporter to India, but declining exports YoY warrant monitoring for demand shifts.
Argentina Import Trend from India 2023 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 171.29M | 81.82% | -5.0% |
| May | 167.91M | -1.97% | 41.43% |
| Jun | 116.39M | -30.68% | -53.77% |
| Total | 455.59M | - | - |
Argentina Export Trend to India 2023 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 291.30M | 59.05% | -38.99% |
| May | 370.39M | 27.15% | -47.68% |
| Jun | 319.76M | -13.67% | -49.18% |
| Total | 981.45M | - | - |
Get Historical Argentina India Trade Records
Argentina-India Top Trading Products in Q2 2023
Argentina Export Profile: What Does Argentina Sell to India
- Top Commodity: HS Code 15 (Animal/vegetable fats and oils) dominates with 85.64% share.
- Demand Driver: India uses these for industrial processing, likely in food manufacturing or biofuels.
- Concentration: Extreme reliance on one category (HS 15 accounts for 85.64% of exports).
Argentina Import Profile: What Does Argentina Buy from India
- Top Commodity: HS Code 27 (Mineral fuels/oils) leads at 26.09% share.
- Dependency Nature: Energy security dependency, with India supplying critical fuel inputs.
Argentina - India Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Argentina exports raw materials (fats/oils) and imports energy products and machinery from India.
- Value Chain Position: India holds higher value-add position, exporting refined fuels (HS 27) and machinery (HS 84), while Argentina supplies bulk commodities.
Import Analysis by Product: India to Argentina (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 118.87M | 26.09% |
| 29 | 104.00M | 22.83% |
| 84 | 70.37M | 15.45% |
| 87 | 28.27M | 6.20% |
| 85 | 15.29M | 3.36% |
| 39 | 14.04M | 3.08% |
| 72 | 12.08M | 2.65% |
| 30 | 11.90M | 2.61% |
| 38 | 10.57M | 2.32% |
| 90 | 9.00M | 1.97% |
Export Analysis by Product: Argentina to India (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 15 | 840.53M | 85.64% |
| 99 | 131.67M | 13.42% |
| 41 | 6.92M | 0.70% |
| 29 | 1.71M | 0.17% |
| 38 | 244.97K | 0.02% |
| 09 | 144.62K | 0.01% |
| 07 | 95.98K | 0.01% |
| 51 | 74.18K | 0.01% |
| 22 | 39.60K | 0.00% |
| 84 | 22.30K | 0.00% |
Check Detailed Argentina-India Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Argentina’s trade surplus with India is expected to narrow in Q3 2023 as declining exports in fats/oils (HS 15) face sustained demand weakness, while India’s fuel exports (HS 27) may rebound due to seasonal energy demand. The structural reliance on a single export commodity leaves Argentina vulnerable to price volatility, but India’s growing industrial sector could stabilize long-term demand. Without policy intervention, the current downturn may persist, requiring exporters to diversify or secure fixed-price agreements.
Strategic Moves
- Diversify Export Baskets: Argentine traders must reduce dependence on HS 15 by exploring India’s demand for lithium (for EV batteries) or beef (under relaxed quotas), leveraging India’s manufacturing and consumer growth.
- Lock in Fuel Supply Contracts: Indian refiners should secure long-term deals for Argentine soybean oil (used in biofuels) to hedge against global edible oil shortages, while Argentine importers must stabilize energy procurement with Indian suppliers.
- Accelerate Trade Diplomacy: Both governments should fast-track negotiations on a limited FTA for critical sectors (e.g., energy-for-agri) to mitigate tariff swings and streamline customs bottlenecks.
Frequently Asked Questions
How did Argentina - India trade perform in 2023 Q2?
Argentina's exports to India fell sharply YoY (-38.99% to -49.18%), totaling $981.45M, while imports from India were erratic, reaching $455.59M.
What are the top exports from Argentina to India?
Animal/vegetable fats and oils (HS Code 15) dominate, accounting for 85.64% of Argentina's exports to India.
What does Argentina import from India?
Mineral fuels and oils (HS Code 27) lead Argentina's imports from India, with a 26.09% share.
What is the trade balance between Argentina and India?
Argentina holds a trade surplus of $525.86M with India, though declining exports signal potential demand shifts.
Argentina - India Trade 2023 Q1: Shrinking Surplus
Argentina's trade surplus with India narrowed in Q1 2023 as exports and imports declined. Explore Argentina India trade trends and top trading products with yTrade data.
Argentina - India Trade 2023 Q4: Declining Exports, Tech Imbalance
Argentina's trade surplus with India in Q4 2023 masks sharp export drops (-48.35%). Key Argentina India trade trends show bulk fats/oils vs. high-value chemicals. Data via yTrade.
